Dr. Atilade Olufemi Oshoniyi, an experienced businessman, has expressed that Nigerians have yet to see substantial benefits from the economic reforms initiated by President Bola Tinubu since he took office in May 2023. Key policies implemented include the removal of petrol subsidies and liberalization of the foreign exchange market.
Oshoniyi noted that while President Tinubu inherited an economy weighed down by extensive public debt and various structural issues, the subsequent decisions have led to immediate economic challenges that must be addressed effectively. He emphasized the importance of not using inherited problems as an excuse for ongoing failures, stating that every administration should be judged by both its initial conditions and the effectiveness of its decisions.
He highlighted the necessity of the reforms, affirming that while the removal of the petrol subsidy and exchange rate adjustments were essential to address longstanding issues, the execution of these changes has contributed to hardship for many. He argued that reforms should ensure that vulnerable populations are not neglected and that immediate benefits should outweigh the financial sacrifices demanded from citizens.
Amid claims by opposition politicians that the administration has accomplished little, Oshoniyi pointed out that the government has made progress in several key areas, including economic restructuring efforts, educational financing through the Nigerian Education Loan Fund, and infrastructure improvements involving thousands of kilometers of road developments.
External assessments from institutions like the IMF and World Bank have recognized recent improvements in Nigeria’s macroeconomic stability, indicating growth yet stressing the persistent challenges of poverty and food insecurity. The IMF’s recent reports have noted that approximately 63 percent of Nigerians live below the national poverty line, underlining the gap between economic indicators and the realities experienced by households.
In terms of security, Oshoniyi mentioned the urgent need for improved strategies to combat ongoing issues such as banditry and terrorism. He commented on the proposed establishment of state police as a potential solution to decentralize security management, although he cautioned that it should be accompanied by safeguards against possible abuses of power.
As Nigeria approaches the 2027 presidential elections, the stakes will encompass a referendum on Tinubu’s governance and the effectiveness of his reforms. Oshoniyi argues that voters will prioritize which candidate can effectively tackle immediate problems while also laying the groundwork for a sustainable economic future.
